BIC Magazine March 2016 : Page 97

INSIDE INDUSTRY By: BRUCE TULGAN, CEO Rainmaker Thinking Inc. BUSINESS UPDATE The numbers problem: Workforce 2020 Part I hile there are always different of the spectrum. The youth bubble is grow-people of different generations ing even faster in “younger population” working side by side in the workplace, regions of the world. But even in “older” today there are as many as six different North America, Europe and Japan, the youth generations, depending on which bubble in the workforce is rising much faster demographic definitions one uses. The than in recent years because employers workforce is aging on one end of the are once again hiring new young workers spectrum and getting younger on the other. after several years of formal and informal In the middle there is a gap, with the prime hiring freezes resulting from the economic age workforce shrinking as an overall crisis. By 2020, second-wave millennials percentage of the workforce. (those born 1990-2000) will be greater than Generations in the workplace in 2016. 20 percent of the Western workforce, and The oldest, most experienced people in the another 4-5 percent will be made up of post-workplace — “pre-boomers,” those born millennials born after the year 2000. And in before the post-World War II “baby boom” most of the world, the youth bubble will be began in 1946 — are still greater than 1 much, much larger. The rising global youth percent of the workforce. The baby boomers tide will bring to the workplace radically dif-(born 1946-64) are 30 percent, generation ferent norms, values, attitudes, expectations Xers (born 1965-77) are 27 percent, and the and behavior. millennial generation is 42 percent. Workforce 2020: Remember “2020, Because both the baby boomers and 20, 20.” By the year 2020, the Western the millennials are such large generations workforce will be made up of less than with such long birth-year timespans by 20-percent baby boomers and more than the broadest definitions, we have found it 20-percent second-wave millennials (plus useful to split them each into first-wave and another 4-5 percent of post-millennials). second-wave cohorts. The rising global youth tide. The youth The age bubble. On the older end of bubble is much, much larger in Africa, the generational spectrum, the workforce Latin America and much of Asia. Second-is aging, just as the overall population wave millennials are already, in 2016, is aging. This is particularly notable greater than 45 percent in India, Mexico, in Japan, most of Europe, and North Brazil, Indonesia and Vietnam — and America. In North America alone, 10,000 greater than 60 percent in Nigeria. By baby boomers have been turning 65 every 2020, those born 1990 and later will be single day since 2011. The boomers are more than 60 percent of the workforce filling up an “age bubble” in the work-in these younger parts of the world. force such that there are many more peo-Considering the increasing globalization ple at or near the ordinary age range for of the workforce, one important feature retirement. The exodus of the first-wave of the growing youth bubble is it will be boomers from the workplace — post-increasingly global, with a much greater poned for several years by the economic percentage of the new, young, global crisis that began in 2008 — is now swift workforce coming from outside of North and steady. By 2020, boomers will be America, Europe and Japan. less than 20 percent of the Western work-Part II of this series will discuss the force; older boomers (born before 1955) powerful forces of history. will be less than 6 percent. What is more, For more information, visit boomers who remain in the workforce www.rainmakerthinking.com or will continue trending heavily toward email Bruce Tulgan at brucet@ “reinventing” retirement and late-career rainmakerthinking.com. pre-retirement — work-2016 2020 ing less than full-time, Pre-Baby Boomers 1% 0% often partially telecom-(Pre-1946) muting and often work-Baby Boomers First Wave 13% 5% (1946 -1954) ing nonexclusively for Baby Boomers Second Wave more than one employer. 17% 13% (1955 -1964) The youth bubble. At Generation X 27% 26% the same time, the fastest-(1965 -1977) growing segment of the Generation Y 28% 27% (1978 -1989) workforce is made up of Generation Z 14% 24% those born 1990 and later, (1990-2000) so there is a growing youth Post-Millennial 0% 5% (2000 -) bubble on the younger end Instrument Testing Lab provides accurate, timely repairs JM Test Systems Inc. W T he Instrumentation Testing Lab (ITL) at JM Test Systems Inc.’s corporate location specializes in the repair and calibration of all process instrumentation equipment. ITL is ISO/IEC 17025 accredited by A2LA to provide the highest-quality calibration and certification available on all new and refurbished process instrumentation. The lab provides accurate and timely repairs, reconditioning, recycling and replacement of process instruments such as gauges (test, pressure, process, industrial), transmitters (pneumatic and electric), chemical seals, chart recorders, deadweight testers, manifolds, pressure relief valves (set to specific pressures) and more. Repairs cost 60-percent less to have JM Test Systems’ ITL rebuild your manifolds and transmitters than purchasing new ones. All repaired and reconditioned parts are refinished and repainted/epoxy coated, and oxygen/chlorine cleaning is also available. ITL has a large inventory of new and refurbished equipment and is a full-line distributor for Ashcroft. In addition, JM Test Systems sells and repairs WIKA, USG, McDaniel Controls and more. Buying refurbished gauges and other equipment is a great solution for the budget-minded. Every instrument is refurbished to the manufacturer’s specifications. ITL offers free estimates on repairs and saves customers money through fast turnarounds and cost savings. JM Test Systems offers pickup and delivery to ease the stress on customers and can even perform repairs and calibration on-site. Collection bins can be placed at your facility for all of your worn process instrumentation equipment, and JM Test Systems can retrieve the bins and become the one solution for all of your units. Whether you are performing hydrostatic testing or have any other needs for process instrumentation equipment, contact JM Test Systems’ ITL lab. For more information, visit www. jmtestsystems.com or call (800) 353-3411. • • Read BIC Magazine online at BICMagazine.com March 2016 97

The Numbers Problem: Workforce 2020

Bruce Tulgan

While there are always different people of different generations working side by side in the workplace, today there are as many as six different generations, depending on which demographic definitions one uses. The workforce is aging on one end of the spectrum and getting younger on the other. In the middle there is a gap, with the prime age workforce shrinking as an overall percentage of the workforce.

Generations in the workplace in 2016. The oldest, most experienced people in the workplace — “pre-boomers,” those born before the post-World War II “baby boom” began in 1946 — are still greater than 1 percent of the workforce. The baby boomers (born 1946-64) are 30 percent, generation Xers (born 1965-77) are 27 percent, and the millennial generation is 42 percent.

Because both the baby boomers and the millennials are such large generations with such long birth-year timespans by the broadest definitions, we have found it useful to split them each into first-wave and second-wave cohorts.

The age bubble. On the older end of the generational spectrum, the workforce is aging, just as the overall population is aging. This is particularly notable in Japan, most of Europe, and North America. In North America alone, 10,000 baby boomers have been turning 65 every single day since 2011. The boomers are filling up an “age bubble” in the workforce such that there are many more people at or near the ordinary age range for retirement. The exodus of the first-wave boomers from the workplace — postponed for several years by the economic crisis that began in 2008 — is now swift and steady. By 2020, boomers will be less than 20 percent of the Western workforce; older boomers (born before 1955) will be less than 6 percent. What is more, boomers who remain in the workforce will continue trending heavily toward “reinventing” retirement and late-career pre-retirement — working less than full-time, often partially telecommuting and often working nonexclusively for more than one employer.

The youth bubble. At the same time, the fastestgrowing segment of the workforce is made up of those born 1990 and later, so there is a growing youth bubble on the younger end of the spectrum. The youth bubble is growing even faster in “younger population” regions of the world. But even in “older” North America, Europe and Japan, the youth bubble in the workforce is rising much faster than in recent years because employers are once again hiring new young workers after several years of formal and informal hiring freezes resulting from the economic crisis. By 2020, second-wave millennials (those born 1990-2000) will be greater than 20 percent of the Western workforce, and another 4-5 percent will be made up of postmillennials born after the year 2000. And in most of the world, the youth bubble will be much, much larger. The rising global youth tide will bring to the workplace radically different norms, values, attitudes, expectations and behavior.

Workforce 2020: Remember “2020, 20, 20.” By the year 2020, the Western workforce will be made up of less than 20-percent baby boomers and more than 20-percent second-wave millennials (plus another 4-5 percent of post-millennials).

The rising global youth tide. The youth bubble is much, much larger in Africa, Latin America and much of Asia. Secondwave millennials are already, in 2016, greater than 45 percent in India, Mexico, Brazil, Indonesia and Vietnam — and greater than 60 percent in Nigeria. By 2020, those born 1990 and later will be more than 60 percent of the workforce in these younger parts of the world. Considering the increasing globalization of the workforce, one important feature of the growing youth bubble is it will be increasingly global, with a much greater percentage of the new, young, global workforce coming from outside of North America, Europe and Japan.

Part II of this series will discuss the powerful forces of history.

For more information, visit www.rainmakerthinking.com or email Bruce Tulgan at brucet@ rainmakerthinking.com

Read the full article at http://trendmag.trendoffset.com/article/The+Numbers+Problem%3A+Workforce+2020/2404176/291502/article.html.

Instrument Testing Lab Provides Accurate, Timely Repairs

The Instrumentation Testing Lab (ITL) at JM Test Systems Inc.’s corporate location specializes in the repair and calibration of all process instrumentation equipment. ITL is ISO/IEC 17025 accredited by A2LA to provide the highest-quality calibration and certification available on all new and refurbished process instrumentation. The lab provides accurate and timely repairs, reconditioning, recycling and replacement of process instruments such as gauges (test, pressure, process, industrial), transmitters (pneumatic and electric), chemical seals, chart recorders, deadweight testers, manifolds, pressure relief valves (set to specific pressures) and more. Repairs cost 60-percent less to have JM Test Systems’ ITL rebuild your manifolds and transmitters than purchasing new ones. All repaired and reconditioned parts are refinished and repainted/epoxy coated, and oxygen/chlorine cleaning is also available. ITL has a large inventory of new and refurbished equipment and is a full-line distributor for Ashcroft. In addition, JM Test Systems sells and repairs WIKA, USG, McDaniel Controls and more.

Buying refurbished gauges and other equipment is a great solution for the budgetminded. Every instrument is refurbished to the manufacturer’s specifications. ITL offers free estimates on repairs and saves customers money through fast turnarounds and cost savings. JM Test Systems offers pickup and delivery to ease the stress on customers and can even perform repairs and calibration on-site. Collection bins can be placed at your facility for all of your worn process instrumentation equipment, and JM Test Systems can retrieve the bins and become the one solution for all of your units. Whether you are performing hydrostatic testing or have any other needs for process instrumentation equipment, contact JM Test Systems’ ITL lab.

For more information, visit www. Jmtestsystems.com or call (800) 353-3411. •

Read the full article at http://trendmag.trendoffset.com/article/Instrument+Testing+Lab+Provides+Accurate%2C+Timely+Repairs/2404179/291502/article.html.

JM Test Systems

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